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mortgage on valuation not sale price
sophiethecat
Posts: 2 Newbie
Hi, I read in a forum here that if its a family sale to another family member, its possible to get a mortgage against the valuation (which was higher) than the sale price. Can anyone advise re this?
Cheers,
Juliet
Cheers,
Juliet
0
Comments
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Each lender will have their own rules but yes, it's possible.0
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Lenders just want to know that they can get back what the lend by selling if you default on the mortgage. So in theory what matters is the valuation price not the sale price.
However as chambta says above....0 -
My mortgage broker says its not possible. How can I find out which lenders would be willing to lend against the (higher) valuation?
Thanks
Sophythecat0 -
Either ring up all the mortgage lenders in the country and ask, or ask another broker.0
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Very dificult to get a lender to agree to this now. 3 or 4 years ago it was straight forward, and although they didn't want to, they were easier to talk around because of the lax lending powers they had. Now however is a different story, none of the lenders I know or have used in the past will budge on this, I know because I tried about 6 months ago.
If you do find one it will most likely be one of the higher risk, higher interest lenders.0
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